NRI Corner
What happens when NRI sells property in India?
When an NRI sells property,the buyer is liable to deduct TDS. In case the property has been sold before 2 years (reduced from the date of purchase) a TDS of around 30% shall be applicable.
How many days can NRI stay in India?
The positive aspect is that in most cases, NRIs can continue to visit India for up to 181 days in the financial year and even in other cases where the period of stay in India is 120 days up to 181 days (and also for 365 days or more in preceding 4 years) or more or in case of Indian citizens who are not tax residents.
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Can NRI hold property in India?
An NRI can buy the property, as a single owner, or jointly, with any other NRI. However, a resident Indian or a person, who is otherwise not allowed to invest in a property in India, cannot become a joint holder in such property, irrespective of the second holder’s contribution towards the purchase.
Can NRI sell property in India without RBI permission?
Any gift or sale of a property by a foreigner without prior permission of the RBI would be illegal, the Supreme Court has ruled. For, there has been a paradigm shift in the general policy of investment by foreigners in India and more particularly, the 1973 Act it stands repealed.
Can NRI sell property in India without going to India?
An NRI can sell his/her residential or commercial property to either a person residing in India, another NRI or a person of Indian origin (PIO). However, if the property is a farming development or agricultural land, it can only be sold to a resident Indian citizen.
Is NRI account mandatory?
It is mandatory for NRIs to get their accounts converted to either an NRE or an NRO account as their residential status changes. … To easily transfer your money to India at any time and avoid any penalty, it is thus necessary for an NRI to open an NRE or NRO account.
What will happen if NRI buy agricultural land in India?
An NRI can sell his/her residential or commercial property to either a person residing in India, another NRI or a person of Indian origin (PIO). However, if the property is a farming development or agricultural land, it can only be sold to a resident Indian citizen.
What is the benefit of NRI account?
NRI Account Benefits: Convenient money transfers to India – Whether one has opened an NRO or NRE Account, one can deposit the income earned in overseas country in such accounts. Thereafter, the funds can be accessed through any bank branch in India as well.
Can NRI sell inherited property in India?
The NRI can gift the inherited property, only to a person who is resident in India or an NRI or PIO. Likewise, if the NRI wants to sell an inherited a farmhouse, agricultural land or plantation land, the same can be sold to a resident and citizen of India
